Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help solving this table. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It

need help solving this table. image text in transcribed
image text in transcribed
image text in transcribed
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to Exercise 8-42 (Static) Prepare a Production Cost Report: Weighted Average Method (LO 8-2, 3, 4, 6) Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department ) $116,000 WIP inventory Department Beginning inventory (15,000 units complete with respect to Department T costa) Transferred in costs (from Departments) Department T conversion costs Current work (35,000 units started) Prior department co Department Tests 280.000 209.00 The ending inventory has 5,000 units, which are 20 percent complete with respect to Department I costs and 100 percent complete for prior department costs Required: a. Complete the production cost report using the weighted average method (Round "Cost per equivalent unit to 2 decimal places.) Answer is not complete. Physical Equivalent Units Prior Department Department Return Answer is not complete. Physical Units Equivalent Units points Department Prior Department Flow on Units to be accounted for Beginning WIP inventory Unit started this period Total units to account for Units accounted for Completed and transferred out 15 000 35.000 50.000 30.000 30,000 30,000 5.000 Unitsin ending inventory Prior department Department Total units accounted for 1.000 31000 35.000 35.000 Department Total Prior Department Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs $ 116 000 280 000 53.150 209 050 Return to 5.000 UR Completed and transferred out Unitsin ending inventory Prior department Department Total units accounted for 5000 1000 35 000 35.000 31.000 Total Department 116.000 $ 280.000 1136000 S 53,150 209.050 202,200 Flow of costs Costs to be accounted for Cosis in beginning WIP inventory Current period posts Total costs to be accounted for Cost per equivalent unt Prior department Department Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for S 442308 OS 240.000 R$ 45.743 40.000 489 049 $ 280 000 $ 202,306 6.743 209 049 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

More Books

Students also viewed these Accounting questions

Question

=+Discuss the importance of research in social media practices

Answered: 1 week ago